Products & Liabilities
· Source: curated SEC 10-K filing analysis· 10 of 54 tables shown
Confidence:HighMediumLow
| Metric | Amount |
|---|---|
| Total assets | $85,040M |
| Total investments | $60,109M |
| Contractholder funds (PAB equivalent) | $56,404M |
| Future policy benefits (FPB) | $8,749M |
| Market risk benefits (MRB net liability) | $360M |
| Separate account assets | $0 |
| Reinsurance recoverable (net) | $13,369M |
| Gross sales (FY2024) | $15,262M |
| Net sales (after flow reinsurance cessions) | $10,571M |
| Total deposit collections (Note A) | $10,147M |
| Net earnings | $639M |
| Product Category | Gross Sales | % of Total |
|---|---|---|
| FIA (fixed indexed annuities) | $6,729M | 44.1% |
| MYGA / Fixed rate annuities | $5,105M | 33.4% |
| PRT (pension risk transfer) | $2,242M | 14.7% |
| Funding agreements (FABN/FHLB) | $1,020M | 6.7% |
| IUL (indexed universal life) | $166M | 1.1% |
| Total gross sales | $15,262M | 100% |
| Product | Gross Liability | % of Total |
|---|---|---|
| Indexed annuities (FIA/RILA) | $30,454M | 54.0% |
| Fixed rate annuities (MYGA) | $17,442M | 30.9% |
| Universal life (IUL) | $2,896M | 5.1% |
| FHLB funding agreements | $2,852M | 5.1% |
| FABN funding agreements | $2,463M | 4.4% |
| Immediate annuities | $286M | 0.5% |
| Traditional life | $5M | 0.0% |
| PRT (deposit component) | $6M | 0.0% |
| Total contractholder funds | $56,404M | 100% |
| Attribute | Detail | Confidence |
|---|---|---|
| Product type | Fixed indexed annuity — general account, equity-index-linked crediting | [H] |
| GAAP liability classification | Contractholder funds (PAB) + embedded derivative (index credit feature) + MRB (GMWB/GMDB riders) | [H] |
| Liability balance (Dec 31, 2024) | $30,454M gross ($30,235M account balance + $219M embedded derivative adj.) | [H] |
| Reinsurance recoverable | $861M (ceded to Somerset FIA treaty from 7/1/2024 + other) | [H] |
| Net liability | $29,593M | [H] |
| Risk types | Lapse/surrender, market (equity index), interest rate (guaranteed minimum), policyholder behavior (GMWB utilization) | [H] |
| Distribution channels | IMOs (independent marketing organizations), banks, broker-dealers, owned distribution (FEG, Syncis, DCMT, PALH, Roar) | [H] |
| Issuing entities | FGLIC (primary, all states ex-NY), FGLICNY (New York only) | [H] |
| Gross sales (FY2024) | $6,729M | [H] |
| Gross sales (FY2023) | $4,699M | [H] |
| Gross sales (FY2022) | $4,550M | [H] |
| Growth rate (FY2024 vs FY2023) | +43.2% | [M] |
| Deposit collections (Note A, FY2024) | $5,828M (indexed annuities line — includes FIA + RILA) | [H] |
| Lifecycle status | Actively sold — primary product line | [H] |
| Weighted-avg crediting rate | 2.90% (Dec 31, 2024); 1.40% (Dec 31, 2023) | [H] |
| Cash surrender value | $27,865M (Dec 31, 2024) | [H] |
| Guaranteed Minimum | At Minimum | 1-50 bps Above | 51-150 bps Above | >150 bps Above | Total |
|---|---|---|---|---|---|
| 0.00%-1.50% | $23,540M | $1,236M | $492M | $1,846M | $27,114M |
| 1.51%-2.50% | $875M | $1M | $684M | $1,242M | $2,802M |
| >2.50% | $303M | $2M | $0M | $14M | $319M |
| Total | $24,718M | $1,239M | $1,176M | $3,102M | $30,235M |
| Strategy | Average Credit (2024) | Average Credit (2023) | Average Credit (2022) |
|---|---|---|---|
| S&P 500 point-to-point | 4% | 2% | 1% |
| S&P 500 monthly average | 3% | 1% | 2% |
| S&P 500 monthly point-to-point | 5% | 0% | 0% |
| S&P 500 3-year high water mark | 3% | 8% | 13% |
| All strategies average | 4% | 1% | 1% |
| Metric | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
| MRB gross asset (in-the-money contracts) | $128M | $88M |
| MRB gross liability (out-of-the-money contracts) | $548M | $402M |
| MRB net liability | $420M | $314M |
| Reinsured MRB asset | $61M | $0 |
| Net of reinsurance | $359M | $314M |
| Net amount at risk | $1,327M | $1,059M |
| Weighted-average attained age | 67.98 years | 68.28 years |
| Counterparty | Structure | Products | Accounting | Status |
|---|---|---|---|---|
| Somerset | Coinsurance FWH | Certain FIA (base + GMWB riders, from 7/1/2024) | Reinsurance (sufficient insurance risk) | Active |
| Kubera (Bermuda SAC) | Coinsurance FWH (quota share) | Certain FIA statutory reserves | Deposit (right of offset) | Active |
| Hannover Re | Risk retention | FIA with GMWB/GMDB (70% net retention of excess) | Deposit (right of offset) | Active |
| New Re (Munich Re) | Coinsurance QS + YRT | Certain FIA (base contract + waiver/ROP) | Deposit (right of offset) | Active |
| Raven Re (affiliated captive) | CARVM cession | FIA — CARVM liability where surrender charges waived | Eliminated in consolidation | Active |
| Corbeau Re (affiliated captive) | GMWB/GWP cession | FIA with GMWB/GWP features | Eliminated in consolidation | Active |
| Instrument | Notional | Purpose |
|---|---|---|
| Equity index options (OTC) | ~$29,594M (shared with RILA/IUL) | Fund equity-index-linked credits; 1/2/3/5/6-year terms matching crediting periods |
| Equity index futures (exchange-traded) | 527 contracts | Dynamic supplemental hedging of equity index exposure |
| Metric | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
| FIA/RILA/IUL embedded derivative liability (combined) | $5,220M | $4,258M |
| FIA embedded derivative adjustment (within contractholder funds) | $219M | $243M |